This Act is complicated and requires the assistance of your CPA, financial advisor, and legal counsel. MRA can provide educational information, however we cannot advise employers on financial decisions related to loans, interest rates, differences between loan programs, SBA regulatory definitions and requirements.
The Coronavirus Aid, Relief, and Economic Security (CARES) Act is a $2 trillion emergency aid package providing financial assistance for businesses and individuals. It’s long (at 880 pages) and very complicated. Much of it requires organizations to individually assess their current financial position, cash flow needs, and funding opportunities to determine their current state and future needs. Business leaders are consulting with CPAs, financial advisors, and attorneys to clarify eligibility, timing, and implementation decisions.
The majority of provisions are non-HR-related, so many are wondering what role does HR play? Why should HR care about the CARES Act? Here's a list of ten practical takeaways for HR.